The debt markets of Manhattan did not delay in August, because some of the largest landlords in the city stood in line with new financing.
Three Blockbuster Office retiring were at the top of the largest loans of the month, led by the $ 1.3 billion deal from the Durst organization for its Times Square Tower. Paramount Group received a $ 900 million loan for his Sixth Avenue tower just before the office boss was sold to the highest bidder. On the residential side, money lenders handed out dollars to Miki Naftali and Josh Gotlib and Meyer Orbach’s recently launched Reit.
Together the deals were more than $ 4 billion and underlined the appetite of lenders for Prime Manhattan real estate. Here are the top five loans in Manhattan.
Durst Debt | $ 1.3b | Midtown
Wells Fargo, JPMorgan Chase and Bank of America A CMBS loan of $ 1.3 billion was created for the One Five One Office Tower of the Durst organization in Times Square. The loan, with an interest rate of 6.1 percent, will pay around $ 1.1 billion in existing debts on the tower of 1.8 million square foot on 151 West 42nd Street. According to an S&P Global Report, it will finance almost $ 40 million in reserves and closing costs.
The deal includes an “A” message of $ 719 million that has earned a provisional AAA rating from S&P on the back of the financial strength of Durst and the performance of the tower. The remaining capital goes to the landlord’s improvements of tenants, lease costs and a share payment of $ 146 million. The new financing replaced a refinancing of $ 900 million from JPMorgan Chase and Wells Fargo from 2019. The tower, formerly known as 4 Times Square, has been rented out 92 percent. Tiktok is the anchor tenant and covers 232,000 square feet.
Paramount payment day | $ 900 million | Midtown
Morgan Stanley and Wells Fargo provided a loan of $ 900 million for the 45 -storey office tower of Paramount Group at 1301 Sixth Avenue. The loan replaced a loan of $ 710 million from Morgan Stanley that would mature in 2026. The Refi came after law firm Piper Sandler had signed a lease of 140,000 square foot and Adler & Stachenfeld law firm took 40,000 square feet, which brought the building to 97 percent occupation. The building will soon be owned by Rithm Capital, which was based in New York City, who won a Bidding War for Paramount after shareholders have expressed concern about the performance and management of the real estate investment.
Apollo Landing | $ 785m | Midtown
Apollo Global Management yielded a loan of $ 785 million to finance RXR’s $ 1.08 billion purchase of 590 Madison Avenue. RXR bought the Plaza District Office Tower for $ 1.08 billion from the state of teachers of Ohio. The SCOT Rechler company collaborated with Elliott Investment Management and Baupost Group on the deal. The final debt package is split into a senior loan of $ 650 million, a mezzanine -loan of $ 135 million and around $ 60 million in future financing obligations for matters such as tenant improvements and lease costs. Eastdil Secured’s Grant Frankel arranged the debt.
NaFtali Knockdown | $ 675m | Top east side
JPMorgan Chase provided a loan of $ 675 million for the purchase of Miki Naftali of the 33 -storey 800 Fifth Avenue Rental Building by Eliot Spitzer and the winter organization. Naftali agreed to buy the 208 units building last March for more than $ 800 million, which amounts to around $ 2,400 per square foot. He plans to break down the existing building and replaced it with a new tower. Jordan Roechlaub from Newmark and Nick Scribani regulated the fault.
Copper Cash | $ 525m | Murray Hill
Arbor Realty Trust Provided a loan of $ 525 million for the copper apartments, a few luxury apartment towers owned by Josh Gotlib and Meyer Orbach’s Go Residential Reit. The new financing for the 761 unit Real Estate at 616-626 First Avenue in Murray Hill replaced a loan of $ 611.5 million CMBs. Gotlib and Orbach bought the buildings in 2022 for $ 837 million. They launched their real estate investment trust this summer and mentioned it on the Toronto Stock Exchange with a multifamilie portfolio of $ 2.7 billion of more than 2,000 units.
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Durst is approaching a loan of $ 1.3 billion to refinance one five
Office renter Paramount Group sold to Rithm Capital
Recent closes $ 1B Deal for 590 Madison with Apollo Private Equity Loan
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